| Schedule of segment and related information |
Real estate rental revenue, operating expenses,
NOI and recurring capital improvements for the reportable segments are summarized below and reconciled to condensed consolidated
net income attributable to common equity for the six and three-month periods ended April 30, 2019 and 2018. Asset information is
not reported since FREIT does not use this measure to assess performance.
| | |
Six Months Ended | |
Three Months Ended |
| | |
April 30, | |
April 30, |
| | |
2019 | |
2018 | |
2019 | |
2018 |
| | |
(In Thousands of Dollars) | |
(In Thousands of Dollars) |
| Real estate rental revenue: | |
| | | |
| | | |
| | | |
| | |
| Commercial | |
$ | 13,079 | | |
$ | 12,566 | | |
$ | 6,452 | | |
$ | 6,263 | |
| Residential | |
| 16,448 | | |
| 15,780 | | |
| 8,214 | | |
| 7,987 | |
| Total real estate rental revenue | |
| 29,527 | | |
| 28,346 | | |
| 14,666 | | |
| 14,250 | |
| | |
| | | |
| | | |
| | | |
| | |
| Real estate operating expenses: | |
| | | |
| | | |
| | | |
| | |
| Commercial | |
| 5,651 | | |
| 6,001 | | |
| 2,820 | | |
| 2,964 | |
| Residential | |
| 6,896 | | |
| 5,867 | | |
| 3,401 | | |
| 2,151 | |
| Total real estate operating expenses | |
| 12,547 | | |
| 11,868 | | |
| 6,221 | | |
| 5,115 | |
| | |
| | | |
| | | |
| | | |
| | |
| Net operating income: | |
| | | |
| | | |
| | | |
| | |
| Commercial | |
| 7,428 | | |
| 6,565 | | |
| 3,632 | | |
| 3,299 | |
| Residential | |
| 9,552 | | |
| 9,913 | | |
| 4,813 | | |
| 5,836 | |
| Total net operating income | |
$ | 16,980 | | |
$ | 16,478 | | |
$ | 8,445 | | |
$ | 9,135 | |
| | |
| | | |
| | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | |
| Recurring capital improvements - residential | |
$ | (285 | ) | |
$ | (238 | ) | |
$ | (161 | ) | |
$ | (127 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | |
| Reconciliation to condensed consolidated net income attributable to common equity: | |
| | | |
| | | |
| | | |
| | |
| Segment NOI | |
$ | 16,980 | | |
$ | 16,478 | | |
$ | 8,445 | | |
$ | 9,135 | |
| Gain on sale of property | |
| 836 | | |
| - | | |
| 836 | | |
| - | |
| Deferred rents - straight lining | |
| 187 | | |
| 173 | | |
| 120 | | |
| 75 | |
| Investment income | |
| 184 | | |
| 112 | | |
| 113 | | |
| 57 | |
| Unrealized (loss) gain on interest rate cap contract | |
| (159 | ) | |
| 19 | | |
| (5 | ) | |
| 19 | |
| General and administrative expenses | |
| (1,977 | ) | |
| (1,192 | ) | |
| (1,369 | ) | |
| (639 | ) |
| Depreciation | |
| (5,607 | ) | |
| (5,512 | ) | |
| (2,783 | ) | |
| (2,801 | ) |
| Financing costs | |
| (9,179 | ) | |
| (9,571 | ) | |
| (4,527 | ) | |
| (4,419 | ) |
| Net income | |
| 1,265 | | |
| 507 | | |
| 830 | | |
| 1,427 | |
| Net (income) loss attributable to noncontrolling interests in subsidiaries | |
| (20 | ) | |
| 251 | | |
| (44 | ) | |
| (312 | ) |
| Net income attributable to common equity | |
$ | 1,245 | | |
$ | 758 | | |
$ | 786 | | |
$ | 1,115 |
|